§ 2201. Notice of action on application
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/usc/title-12/section-2201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Loan applications Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of—
(1)the action on the application;
(2)if the loan applied for is reduced or denied, the reasons for such action; and
(3)the applicant’s right to review under section 2202 of this title.
(b)Distressed loans Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter shall provide, in accordance with regulations prescribed by the Farm Credit Administration, the borrower with prompt written notice of—
(1)any action taken with respect to restructuring the loan under section 2202a of this title;
(2)if restructuring is denied, the reasons for such action; and
(3)the borrower’s right to review under section 2202 of this title.
(Pub. L. 92–181, title IV, § 4.13B, formerly § 4.13, Dec. 10, 1971, 85 Stat. 613, renumbered § 4.13B and amended Pub. L. 99–205, title III, §§ 301(a), 302, Dec. 23, 1985, 99 Stat. 1707, 1708; Pub. L. 100–233, title I, § 105, Jan. 6, 1988, 101 Stat. 1579.)
Connections11 cite this · traces to 3
Cited by 11 sections · top 6
statutes-at-large
- Public Law 99–205To amend the Farm Credit Act of 1971, to restructure and reform the Farm Credit System, and for other purposes
- Public Law 100–233To provide credit assistance to farmers, to strengthen the Farm Credit System, to facilitate the establishment of secondary markets for agricultural loans, and for other purposes
statute-compilations
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- Pub. L. 92–181, title IV, § 4
- 85 Stat. 613
- Pub. L. 99–205, title III
- 99 Stat. 1707
- Pub. L. 100–233, title I, § 105
- 101 Stat. 1579
- Pub. L. 100–233
- Pub. L. 99–205, § 302
- Pub. L. 99–205
- section 401 of Pub. L. 99–205
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§ 2201
Notice of action on application
Stat.×5
U.S.C.×5
Stat. Comp.×1
Pub. L.Pub. L. 92–181, title IV, § 4
Stat.85 Stat. 613
Pub. L.Pub. L. 99–205, title III
Stat.99 Stat. 1707
Pub. L.Pub. L. 100–233, title I, § 105
Cites 13 · showing 8Cited by 11 across 3 sources